Arab Finance: Norway-based energy company Scatec has reached Commercial Operations Date (COD) for the second phase of its 1.1 gigawatt (GW) Obelisk solar and 100 megawatt (MW)/200 megawatt-hour (MWh) battery storage project in Egypt, according to a press release.
The project was developed in two phases, with the first phase covering 561 MW of solar capacity alongside the full 100 MW/200 MWh battery energy storage system. Meanwhile, the second phase adds a further 564 MW of solar capacity.
Scatec signed the project’s power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) in November 2024, with the project subsequently completed in record time.
Terje Pilskog, CEO of Scatec, said: “Reaching full commercial operations at Obelisk marks a defining milestone for Scatec. Completing Africa's largest hybrid solar and battery installation demonstrates our ability to develop, finance, and deliver large-scale renewable energy projects in emerging markets.”
Obelisk will supply clean, reliable power to Egypt for 25 years and is a tangible contribution to the country's energy security and transition,” the CEO added.
The Obelisk project is Africa’s largest hybrid solar and battery installation, with an expected abatement of more than 1.2 million tons of CO2 emissions annually. It is projected to deliver over 3,000 GWh of clean energy annually, which will be supplied to EETC under a 25-year, US dollar-denominated PPA.
With Obelisk now fully operational, alongside Scatec’s 380 MW Benban solar plant, the company has approximately 1.5 GW of renewable energy capacity in operation in Egypt.
Scatec also has a substantial near-term growth portfolio in Egypt, comprising more than 4.3 GW of renewable energy capacity and 4.1 GWh of battery storage. The combined portfolio is expected to generate around 17 terawatt-hours (TWh) of clean electricity annually while providing critical support for grid stability.
Last June, the company unveiled plans to invest up to $5 billion in Egypt over the next two years across strategic sectors, including renewable energy, energy storage, water desalination, green data centers, and infrastructure supporting the green transition.
